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Friday, October 26, 2007

Proprietary/Spcl/Cost Audit for SMSA - The 50th Post

FEATURES

PROPRIETARY AUDIT

SPECIAL AUDIT

COST AUDIT

1. NATURE

Covers all aspects of safeguarding of assets, use of business funds and recording of transactions;

Conducted by CA appointed by Central Government to protect the interest of stakeholders;

Review of examination & appraisal of cost accounting records;

2. PURPOSE

Ensure business funds are protected in the public interest;

Ensure effective & timely steps of control & mgmt;

Critical review of cost statements & recommends;

3. SCOPE

Proper use of fixed assets & its safeguard, prevents misuse of funds & checks transaction recording;

Statutory audit PLUS prescriptions of Central Government;

Reviews cost accounting system; variation analysis ensuring efficacy;

4. FEATURES

Covers area of financial accounting but it tests economy, efficiency & faithfulness;

Compliance of sound business principles or prudent commercial practices & prevents from serious injury or insolvency;

Correctness of cost of production and audit of cost accounting records;

5. AREAS

Cash & other subsidiary books; Records & registers as mandated by Sec. 227 & CARO;

Cash & other subsidiary books and such other areas prescribed by Central Government (CG);

Raw material, WIP, Allocation & Distribution of direct & indirect cost & overheads;

6. CAPACITY

Chartered Accountant or member/director under CAG;

Chartered Accountant as appointed or authorised by CG;

Member of ICWAI holding Certificate of Practice appointed by Board with previous approval of CG;

7. PERIOD

Alongwith Statutory Audit though not mandated under Companies Act;

Only when CG directs & such direction will give the periodicity of audit;

Compulsory for every Financial Year as specified by Government;

8. REPORTS

To Management & members in certain cases;

To the Central Government;

TO CG with a copy to company and may cause to be published;


--
Vj
Trezrrr every pulsss

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